The administrators have warned that unsecured trade creditors will not see a penny of the cash they are owed.
The news is a big blow for Kingspan, which was owed £1.4m by the company.
Grant Thornton revealed that over the past three years the firm’s turnover had dropped from £10m to £7m.
All Mass was profitable until 2009, but then the economic downturn caused the firm, which traded mainly in south Wales and the south west, to build up losses.
Grant Thornton was asked to give advice on the company’s financial position in early February 2012. The investigation found that All Mass Cladding Systems was insolvent and a sale of the business and assets was “unlikely”.
Administrator Alistair Wardle said secured creditor the Bank of Ireland would receive the £176,890 it is owed.
And he held out hope enough cash could be realised to pay some of the £35,000 owed in wages and holiday pay.
He said: “I do not anticipate that sufficient assets will be realised to enable a dividend to be paid to unsecured creditors.”